3 Ways Data-Driven Marketing Can Help Caribbean Businesses
Data-driven marketing is by far one of the most effective forms of marketing out there. It’s a strategy that is used by successful companies like Coca-Cola and Netflix in order to effectively create content that connects with both their current and future clients.
While it is still not common practice in the region, many Caribbean companies would greatly benefit from using this form of marketing. Not only does it have a high return on investment, but it is also very reliable. Unlike previous methods of advertising that ran on assumptions, data-driven marketing focuses on consumer behaviour and it allows businesses to create customer-centric communications that are far more successful.
Here are our 3 reasons why data-driven marketing is one of the best tools for Caribbean businesses:
1. Learn More About YOUR Consumer
The data found through a company’s Facebook page or their website provides great insight into their consumer’s behaviour. It provides a vast amount of information that a business can use to learn about their consumers and what they engage with the most. This information is vital for Caribbean businesses as it will show the best way to connect with their current and desired audience.
Businesses can learn information such as the times their audience is online, the content they like or dislike, their age, gender, interests and so much more! Not only will a business understand their consumer better but they can strategize their marketing to meet their current consumer’s expectations and acquire consumers like the ones they already have!
2. Create Effective Communication
Once a Caribbean company understands their consumer and audience then they can make better decisions when it comes to content. A recent study by Digital Information World found that 74% of consumers felt frustrated by irrelevant content. Companies do not want that!
So, by understanding their consumer they can tailor their content to the needs and wants of their audience. For example, a clothing company may realize through their data, that they have:
● more engagement and conversions on Instagram
● especially on weekends
● and typically, with editorial type photos.
Using this data, the company can then better strategize their time and content, by only focusing on some platforms and knowing when and what to post.
This will help the business save time and money by knowing exactly where their consumers are and how to effectively communicate with them. Thus, increasing both engagement, conversions and customers!
3. Actually, See the Benefits!
Companies that use data-driven marketing are known to see higher customer acquisition and retention. This is due to data-driven campaigns being less risky and more strategic. Often companies will notice patterns in their data in terms of what their consumers like, what they click on the most, the type of person that enjoys their product/service and more.
This is incredibly valuable information because you can better understand your audience and what they want. This data also allows businesses the opportunity to meet their customers’ expectations while simultaneously being innovative and tactical in the future. This makes marketing decisions and introducing new products or services a whole lot easier because you know and understand your digital audience.
Data whether sourced internally or externally is a really valuable asset to any company. All forms of data derive their value from the way you use it. So, check your analytics and data and learn more about your consumer! It is literally waiting there for you to use it! While it can be intimidating it will greatly benefit Caribbean company’s marketing and innovation plans in the long run.
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